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Apple stocks on Thursday night fell after billionaire Carl Icahn announced that he's sold his entire investment in the tech firm.
Icahn, who has been an avid supporter of the firm for many years said he sold his stake in the firm because of the risk of China’s influence on the stock.
Since its fast growth in the Asian country following its arrival, Apple's profit has slowed of recent, with revenue dropping 26% year-on-year in the company’s latest quarterly earnings.
Icahn’s concerns aren’t related to the China slowdown, however. Instead, the investor is concerned with the barriers to trade that China’s authoritarian regime might put in place.
“You can’t go into that business unless you’re like Samsung which is really like a country backing it,” Icahn told US cable television network CNBC.
“A lot of people tried, a lot of people failed … In China, for instance, they will come in and make it very difficult for Apple to sell there. They could theoretically, you know … They’re basically in some senses I would say, perhaps benevolent but a benevolent dictatorship. I don’t know if benevolent is the right word.” he said.
Apple shares came under further selling pressure during Icahn’s television interview, as did the Dow Jones industrials with Apple closing down more than 3% at $94.83. The Dow ended down by 210 points.
Read more on The UK Guardian
Icahn, who has been an avid supporter of the firm for many years said he sold his stake in the firm because of the risk of China’s influence on the stock.
Since its fast growth in the Asian country following its arrival, Apple's profit has slowed of recent, with revenue dropping 26% year-on-year in the company’s latest quarterly earnings.
Icahn’s concerns aren’t related to the China slowdown, however. Instead, the investor is concerned with the barriers to trade that China’s authoritarian regime might put in place.
“You can’t go into that business unless you’re like Samsung which is really like a country backing it,” Icahn told US cable television network CNBC.
“A lot of people tried, a lot of people failed … In China, for instance, they will come in and make it very difficult for Apple to sell there. They could theoretically, you know … They’re basically in some senses I would say, perhaps benevolent but a benevolent dictatorship. I don’t know if benevolent is the right word.” he said.
Apple shares came under further selling pressure during Icahn’s television interview, as did the Dow Jones industrials with Apple closing down more than 3% at $94.83. The Dow ended down by 210 points.
Read more on The UK Guardian
